Iron ore futures closed unchanged on Wednesday as the market remained cautious about demand prospects during a subdued trading session affected by the Christmas holiday.
Earlier this week, iron ore prices found support from renewed expectations of stimulus measures and improved demand as Chinese steel mills restocked inventories ahead of the New Year holidays starting January 28. However, concerns over high port-side iron ore inventories and declining steel production continue to weigh on the market’s outlook.
According to the latest report from the China Iron and Steel Association (CISA), daily crude steel output among its member mills dropped to a three-month low during December 11-20. Average daily output during this period fell by 2.3pct from early December to 1.98 mln tons and was also down 0.1pct compared to the same period last year.
On the Dalian Commodity Exchange, iron ore futures ended flat at 776 yuan (USD 106.3) per ton. Coke and coking coal futures rose 0.41pct and 0.96pct to 1,817.5 yuan (USD 249) and 1,153 yuan (USD 158) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures edged up 0.21pct to 3,300 yuan (USD 452) per ton, while HRC futures increased by 0.26pct to 3,425 yuan (USD 469) per ton. Wire rod futures climbed 0.82pct to 3,558 yuan (USD 488) per ton. Meanwhile, stainless steel futures declined 0.42pct to 12,965 yuan (USD 1,776) per ton.
1 USD / 7.29 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,558 |
0.82 |
0.76 |
| HRC | 3,425 |
0.26 |
-0.18 |
| Rebar | 3,300 |
0.21 |
-0.42 |
| Stainless Steel | 12,965 |
-0.42 |
-0.50 |
| Iron Ore | 776 |
0 |
-0.90 |
| Coke | 1,817.5 |
0.41 |
-0.39 |
| Coking Coal | 1,153 |
0.96 |
0 |
